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哈雷戴维森（HOG）与SCANSOURCE, INC.（SCSC）财务数据对比。点击上方公司名可切换其他公司
SCANSOURCE, INC.的季度营收约是哈雷戴维森的2.0倍（$766.5M vs $390.5M），SCANSOURCE, INC.净利率更高（2.2% vs -72.3%，领先74.5%），SCANSOURCE, INC.同比增速更快（2.5% vs -9.4%），哈雷戴维森自由现金流更多（$100.4M vs $28.9M），过去两年SCANSOURCE, INC.的营收复合增速更高（0.9% vs -48.6%）
哈雷戴维森是源自美国的摩托车制造商与生活方式品牌，总部位于威斯康星州密尔沃基，创立于1903年。它是大萧条时期幸存下来的两大美国摩托车厂商之一，历经多次股权变动、子公司调整、经营困境与全球竞争，如今已是全球知名的标志性品牌。
ScanSource是全球领先的专业技术分销商，主营销售点系统、条码扫描设备、网络安全产品、云服务及通信解决方案，面向北美、拉美、欧洲的增值经销商、服务提供商及企业客户，覆盖零售、医疗、工业、公共部门等领域。
HOG vs SCSC — 直观对比
营收规模更大
SCSC
是对方的2.0倍
$390.5M
营收增速更快
SCSC
高出11.9%
-9.4%
净利率更高
SCSC
高出74.5%
-72.3%
自由现金流更多
HOG
多$71.6M
$28.9M
两年增速更快
SCSC
近两年复合增速
-48.6%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $390.5M | $766.5M |
| 净利润 | $-282.6M | $16.5M |
| 毛利率 | -7.9% | 13.4% |
| 营业利润率 | -92.4% | 2.3% |
| 净利率 | -72.3% | 2.2% |
| 营收同比 | -9.4% | 2.5% |
| 净利润同比 | -138.6% | -3.3% |
| 每股收益（稀释后） | $-2.27 | $0.75 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收HOGSCSC
| Q4 25 | $390.5M | $766.5M | ||
| Q3 25 | $1.1B | $739.6M | ||
| Q2 25 | $1.0B | $812.9M | ||
| Q1 25 | $1.1B | $704.8M | ||
| Q4 24 | $430.9M | $747.5M | ||
| Q3 24 | $881.2M | $775.6M | ||
| Q2 24 | $1.4B | $746.1M | ||
| Q1 24 | $1.5B | $752.6M |
净利润HOGSCSC
| Q4 25 | $-282.6M | $16.5M | ||
| Q3 25 | $377.4M | $19.9M | ||
| Q2 25 | $107.6M | $20.1M | ||
| Q1 25 | $133.1M | $17.4M | ||
| Q4 24 | $-118.4M | $17.1M | ||
| Q3 24 | $119.0M | $17.0M | ||
| Q2 24 | $218.3M | $16.1M | ||
| Q1 24 | $234.9M | $12.8M |
毛利率HOGSCSC
| Q4 25 | -7.9% | 13.4% | ||
| Q3 25 | 26.0% | 14.5% | ||
| Q2 25 | 28.5% | 12.9% | ||
| Q1 25 | 28.9% | 14.2% | ||
| Q4 24 | -2.0% | 13.6% | ||
| Q3 24 | 29.8% | 13.1% | ||
| Q2 24 | 31.8% | 13.0% | ||
| Q1 24 | 30.9% | 12.6% |
营业利润率HOGSCSC
| Q4 25 | -92.4% | 2.3% | ||
| Q3 25 | 44.0% | 3.5% | ||
| Q2 25 | 10.7% | 3.3% | ||
| Q1 25 | 14.8% | 3.2% | ||
| Q4 24 | -44.9% | 2.5% | ||
| Q3 24 | 12.0% | 2.3% | ||
| Q2 24 | 17.8% | 2.9% | ||
| Q1 24 | 17.8% | 2.3% |
净利率HOGSCSC
| Q4 25 | -72.3% | 2.2% | ||
| Q3 25 | 35.0% | 2.7% | ||
| Q2 25 | 10.2% | 2.5% | ||
| Q1 25 | 12.3% | 2.5% | ||
| Q4 24 | -27.5% | 2.3% | ||
| Q3 24 | 13.5% | 2.2% | ||
| Q2 24 | 16.1% | 2.2% | ||
| Q1 24 | 15.9% | 1.7% |
每股收益（稀释后）HOGSCSC
| Q4 25 | $-2.27 | $0.75 | ||
| Q3 25 | $3.10 | $0.89 | ||
| Q2 25 | $0.88 | $0.87 | ||
| Q1 25 | $1.07 | $0.74 | ||
| Q4 24 | $-0.82 | $0.70 | ||
| Q3 24 | $0.91 | $0.69 | ||
| Q2 24 | $1.63 | $0.66 | ||
| Q1 24 | $1.72 | $0.50 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $3.1B | $83.5M |
| 总债务越低越好 | $2.5B | — |
| 股东权益账面价值 | $3.1B | $910.9M |
| 总资产 | $8.0B | $1.7B |
| 负债/权益比越低杠杆越低 | 0.79× | — |
8季度趋势，按日历期对齐
现金及短期投资HOGSCSC
| Q4 25 | $3.1B | $83.5M | ||
| Q3 25 | $1.8B | $124.9M | ||
| Q2 25 | $1.6B | $126.2M | ||
| Q1 25 | $1.9B | $146.3M | ||
| Q4 24 | $1.6B | $110.5M | ||
| Q3 24 | $2.2B | $145.0M | ||
| Q2 24 | $1.8B | $185.5M | ||
| Q1 24 | $1.5B | $159.1M |
总债务HOGSCSC
| Q4 25 | $2.5B | — | ||
| Q3 25 | $4.5B | — | ||
| Q2 25 | $6.4B | — | ||
| Q1 25 | $6.8B | — | ||
| Q4 24 | $6.3B | — | ||
| Q3 24 | $7.3B | — | ||
| Q2 24 | $7.0B | — | ||
| Q1 24 | $6.3B | — |
股东权益HOGSCSC
| Q4 25 | $3.1B | $910.9M | ||
| Q3 25 | $3.6B | $914.0M | ||
| Q2 25 | $3.3B | $906.4M | ||
| Q1 25 | $3.2B | $901.7M | ||
| Q4 24 | $3.2B | $900.7M | ||
| Q3 24 | $3.4B | $920.9M | ||
| Q2 24 | $3.4B | $924.3M | ||
| Q1 24 | $3.3B | $944.1M |
总资产HOGSCSC
| Q4 25 | $8.0B | $1.7B | ||
| Q3 25 | $10.6B | $1.7B | ||
| Q2 25 | $12.1B | $1.8B | ||
| Q1 25 | $12.4B | $1.7B | ||
| Q4 24 | $11.9B | $1.7B | ||
| Q3 24 | $13.0B | $1.8B | ||
| Q2 24 | $12.8B | $1.8B | ||
| Q1 24 | $12.3B | $1.8B |
负债/权益比HOGSCSC
| Q4 25 | 0.79× | — | ||
| Q3 25 | 1.25× | — | ||
| Q2 25 | 1.91× | — | ||
| Q1 25 | 2.14× | — | ||
| Q4 24 | 2.00× | — | ||
| Q3 24 | 2.13× | — | ||
| Q2 24 | 2.03× | — | ||
| Q1 24 | 1.88× | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $152.0M | $30.8M |
| 自由现金流经营现金流 - 资本支出 | $100.4M | $28.9M |
| 自由现金流率自由现金流/营收 | 25.7% | 3.8% |
| 资本支出强度资本支出/营收 | 13.2% | 0.3% |
| 现金转化率经营现金流/净利润 | — | 1.87× |
| 过去12个月自由现金流最近4个季度 | $415.2M | — |
8季度趋势，按日历期对齐
经营现金流HOGSCSC
| Q4 25 | $152.0M | $30.8M | ||
| Q3 25 | $-92.6M | $23.2M | ||
| Q2 25 | $368.0M | — | ||
| Q1 25 | $141.5M | $66.1M | ||
| Q4 24 | $133.2M | $-6.2M | ||
| Q3 24 | $353.0M | $44.8M | ||
| Q2 24 | $473.6M | — | ||
| Q1 24 | $104.0M | $160.2M |
自由现金流HOGSCSC
| Q4 25 | $100.4M | $28.9M | ||
| Q3 25 | $-129.1M | $20.8M | ||
| Q2 25 | $332.4M | — | ||
| Q1 25 | $111.6M | $64.6M | ||
| Q4 24 | $77.0M | $-8.2M | ||
| Q3 24 | $300.4M | $42.5M | ||
| Q2 24 | $432.2M | — | ||
| Q1 24 | $57.6M | $157.7M |
自由现金流率HOGSCSC
| Q4 25 | 25.7% | 3.8% | ||
| Q3 25 | -12.0% | 2.8% | ||
| Q2 25 | 31.7% | — | ||
| Q1 25 | 10.3% | 9.2% | ||
| Q4 24 | 17.9% | -1.1% | ||
| Q3 24 | 34.1% | 5.5% | ||
| Q2 24 | 31.9% | — | ||
| Q1 24 | 3.9% | 21.0% |
资本支出强度HOGSCSC
| Q4 25 | 13.2% | 0.3% | ||
| Q3 25 | 3.4% | 0.3% | ||
| Q2 25 | 3.4% | 0.3% | ||
| Q1 25 | 2.8% | 0.2% | ||
| Q4 24 | 13.0% | 0.3% | ||
| Q3 24 | 6.0% | 0.3% | ||
| Q2 24 | 3.1% | 0.2% | ||
| Q1 24 | 3.1% | 0.3% |
现金转化率HOGSCSC
| Q4 25 | — | 1.87× | ||
| Q3 25 | -0.25× | 1.17× | ||
| Q2 25 | 3.42× | — | ||
| Q1 25 | 1.06× | 3.79× | ||
| Q4 24 | — | -0.36× | ||
| Q3 24 | 2.97× | 2.64× | ||
| Q2 24 | 2.17× | — | ||
| Q1 24 | 0.44× | 12.51× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
HOG
| Motorcycles | $193.9M | 50% |
| Other | $63.8M | 16% |
| Other Income Financial Services | $59.8M | 15% |
| Apparel | $47.2M | 12% |
| Livewire Segment | $11.4M | 3% |
SCSC
| Products And Services | $723.4M | 94% |
| Intelisys Advisory | $25.0M | 3% |
| Recurring Revenue | $18.2M | 2% |
